TMI Blog2017 (9) TMI 1971X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue in favour of the assessee wherein the claim of the assessee for interest was upheld upto the date when the Pay Order is actually received by the assessee pursuant to the order sanctioning the refund . Therefore, following the aforesaid precedents, in our view, the assessee is justified in seeking interest u/s 244A of the Act upto the date of receipt of the refund order, i.e. 6.4.2010. Thus, on this aspect, assessee succeeds. - ITA NO. 3707/MUM/2012 - - - Dated:- 15-9-2017 - SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER For the Appellant : Shri Arvind Sonde For the Respondent : Shri Sanjay Bahadur, CIT-DR ORDER PER G.S. PANNU, AM : The captioned appeal by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law, the learned Commissioner of Income Tax (Appeals) ought to have allowed interest under section 244A of the Income tax Act, 1961 on interest amount of ₹ 22,94,72,711/- determined and wrongly withheld upto the date of refund received by the appellant i.e. 06.04.2010 and not doing so is wrong and contrary to the facts and circumstances of the case, the provisions of the Income Tax Act, 1961, and the Rules made thereunder. 2(b) On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) ought to have allowed interest under section 244A of the Income tax Act, 1961 on the interest amount of ₹ 1,06,37,053/- wrongly not determined and not paid (i.e. wrongly withheld) for the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 19.2.2010, but the refund voucher itself was dated 29.3.2010 and the refund was actually received by the assessee on 6.4.2010. Before the CIT(A), the assessee canvassed on the basis of Sec. 244A of the Act that interest is to be allowed upto the date on which the refund is granted , which would imply the date on which the assessee actually receives the refund. The CIT(A) was of the view that assessee was entitled for interest u/s 244A of the Act till the date of issuance of the refund voucher, i.e. 29.3.2010 and not upto the date of actual receipt of the refund voucher in the hands of the assessee. According to the CIT(A), refund granted in the context of Sec. 244A of the Act is to be understood with reference to the date of issuance o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nate delay inasmuch as the refund voucher has been received by the assessee on 6.4.2010 itself and, therefore, the CIT(A) was justified in allowing interest upto the date of the refund voucher. 7. We have carefully considered the rival submissions. Notably, the only issue in dispute is the period for which assessee is entitled to interest u/s 244A of the Act. According to the assessee, the CIT(A) erred in granting interest upto the date of issuance of refund voucher, i.e. 29.3.2010 whereas as per the assessee, it is entitled to interest upto April, 2010 (i.e. upto the date of receipt of refund voucher on 6.4.2010). In this context, we find that the Hon'ble Bombay High Court in the case of Pfizer Limited, 191 ITR 626 (Bom) has held ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
